Greek Banks

BRUSSELS | July 7, 2015 | By Alexandre Mato | When euro leaders and their finance ministers meet with the Greek government later today for a fresh round of negotiations to agree on a new economic assistance programme, the debt issue will still be the mother of all battles. Over the last few days, some economists in Brussels have gathered together ideas for putting Hellenic public finances in order.

MADRID | July 6, 2015 | By J.P. Marin-Arrese | As people gathered last night in Syntagma, hailing the crushing victory in the referendum, few seemed aware of its tremendous consequences. Today, as banks remain closed and no cash is available, they will get a nasty taste of what remains at stake for them.

ATHENS | July 4, 2015 | By Yannis Mouzakis via MacroPolis | Here we are again, just over five years of the anniversary of the country’s first programme and more than 210 billion euros of financing later, Greece is about to hold the referendum that machinations and backroom dealings averted back in 2011.

MADRID | July 3, 2015 | By JP Marín Arrese | Tsipras’ strategy has been based on the wrong assumption EU leaders would cave in when confronted with the awesome prospect of the euro losing its irrevocable nature. But betting on such dangerous game theories, so dear to Mr Varoufakis, has created an appalling mess. Any desperate attempt to renew negotiations seems doomed until the referendum is held. Anything short of a ‘yes’ vote would plunge Greece into a dire situation.

LONDON | June 30, 2015 | By Sigrún Davídsdóttir | Now that Greece has controls on outflow from banks, capital controls, many commentators are comparing Greece to Iceland. There is little comparison to be made between the nature of capital controls in these two countries. The controls are different in every respect except in the name. Iceland had, what I would call, real capital controls – Greece has control on outflow from banks. With the names changed, the difference is clear.

LONDON | June 30, 2015 | BNP | On Tuesday the bailout programme expires and Greece is due to make a payment of EUR1.5bn to the IMF. Both important events. However given that the ECB has already capped the ELA ceiling, we don’t expect any further significant measures against the banks.

LONDON | June 26, 2015 | Barclays | The lack of an interim deal between Greece and its creditors signals that the two sides remain divided despite being closer than they have been. Crucially, Greece agrees on pension savings worth 1% of GDP but it plans to get there mainly via higher contributions, while creditors prefer phasing out top-up pension payments and aggressively cutting early retirement.

LONDON | June 24, 2015 | BARCLAYS | Although the news from Greece’s programme negotiations was mildly positive, we remain cautious on the eventual outcome as the situation remains very tense, particularly with respect to the banking sector.

BRUSSELS | June 23, 2015 | By Alexandre Mato | Tax hikes and pension system cuts were the main measures offered by Athens to European Institutions and the IMF in order to reach an agreement over the second rescue programme. The €8 billion in savings and new revenues over the next two years were described as important or broad steps. But the proposals are bittersweet.